The GBPJPY snaps two days of gains, diving almost 90 pips amidst a risk-off impulse. (Pivot Orderbook analysis)

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• The GBPJPY snaps two days of gains, diving almost 90 pips amidst a risk-off impulse.
• GBPJPY Price Analysis: Neutral-to-upward biased, but failure to crack 169.00, exposed the pair to selling pressure.

The pair currently trades last at 167.89.

The previous day high was 169.1 while the previous day low was 166.06. The daily 38.2% Fib levels comes at 167.94, expected to provide resistance. Similarly, the daily 61.8% fib level is at 167.22, expected to provide support.

The GBPJPY drops from weekly highs at around 169.08 as sentiment shifts, with most US equities trading in the red, except for the Dow Jones Industrial, clinging to gains. In the FX, safe-haven currencies begin to pare their earlier losses, so the Japanese Yen is staging a comeback against the Pound Sterling. At the time of writing, the GBPJPY is trading at 167.92, down by 0.47%.

After snapping four days of consecutive losses, the GBPJPY recovered some ground and registered this week’s previous high at around 169.09. However, as market sentiment shifted negatively, the cross-currency pair tumbled but failed to push below 167.60, which could open the door for a re-test of weekly lows at 165.92. Hence, the GBPJPY’s first support would be the 167.00 figure. The break below will expose the 166.00 psychological level, followed by the weekly low.

Otherwise, if the GBPJPY stays above 167.60, the pair could resume its uptrend but face solid resistance levels on the upside. The first supply zone would be the psychological 168.00 figure, followed by the weekly high of 169.09 and then the 170.00 mark.

Technical Levels: Supports and Resistances

EURUSD currently trading at 167.89 at the time of writing. Pair opened at 168.75 and is trading with a change of -0.51 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 167.82, 50 SMA 164.48, 100 SMA @ 164.0 and 200 SMA @ 161.9.

The previous day high was 169.1 while the previous day low was 166.06. The daily 38.2% Fib levels comes at 167.94, expected to provide resistance. Similarly, the daily 61.8% fib level is at 167.22, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 166.84, 164.93, 163.8
• Pivot resistance is noted at 169.88, 171.01, 172.92

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